Ripple CTO: ‘I Don’t Need to Keep Working at Ripple’

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David Schwartz, CTO of Ripple, recently shared some key insights about himself and his role at Ripple, the leading blockchain company, through posts on his X/Twitter social media account.

Here’s what would make Schwartz quit Ripple

Schwartz, commonly referred to as @JoelKatz on X/Twitter, shared an extensive tweet detailing how he became Ripple’s chief technology officer. Chris Larsen, Ripple’s co-founder and former CEO, reached out to him and extended an invitation due to Schwartz’s unwavering loyalty.

“Schwartz emphasized that his loyalty was to Ripple and its leadership team, rather than just to Chris Larsen personally.”

A long time ago, Chris Larsen and I had a conversation. He mentioned his desire for me to join Ripple’s board due to my loyalty. Initially, I assumed this meant being loyal to him personally. In response, I assured him that I would remain loyal as long as I believed he was the best person to lead Ripple, given his rationality and other qualifications.

— David “JoelKatz” Schwartz (@JoelKatz) April 18, 2024

Currently, Schwartz mentioned that he owns a significant amount of Ripple stock, which may explain why he also disclosed that he no longer needs to be employed by Ripple. Consequently, he plans to relinquish his prominent role at the company “when it stops being enjoyable” for him.

Schwartz not billionaire yet, regretting he chose Ripple stock over XRP

Regarding loyalty from others, Schwartz acknowledged that he doesn’t require it from people if they don’t believe he deserves it. His most critical adversaries even concede this, he noted, suggesting that some may criticize him precisely for this reason, albeit perhaps unwittingly.

Despite holding a substantial amount of Ripple’s shares as their CTO, he recently expressed on Twitter that he has not amassed a billion dollars in wealth just yet.

Previously, according to U.Today’s news, Schwartz held a 2% stake in Ripple’s stock. However, more recently, he acknowledged that his decision to opt for stock rather than XRP was a regrettable move. In contrast, the trio who initiated Ripple – Arthur Britto, Jed McCaleb, and Chris Larsen – elected to receive approximately 20 billion XRP each instead.

In 2020, the SEC filed a lawsuit against Ripple, accusing the company and its top executives, Larsen and Garlinghouse, of selling XRP as unregistered securities to institutional investors. However, the SEC later dismissed the charges against Larsen and Garlinghouse, but not against Ripple itself.

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2024-04-19 15:23